March 27, 2009 in Business

Here’s the Dirt: Downtown apartments to open soon

By The Spokesman-Review
 
PHOTOS BY DAN PELLE photo

Steve Elliott is helping transform the Madison Apartments into a mixed residential-commercial building.
(Full-size photo)(All photos)

Years in the works, one of downtown Spokane’s most ambitious commercial-residential projects is a few months from opening its doors.

The 68-unit Madison Apartments should start leasing in mid-May, said Steve Elliott, the managing partner of Monroe Madison, the company developing the five-floor building at Madison Street and First Avenue.

Built in 1906, the building was first a hotel, then converted into apartments. It’s owned by the Spokane Partners LLC, formerly known as Odd Girls LLC.

Before the Odd Girls bought it in 2000, the Madison served as low-income housing. Elliott said the renovation cost $8.5 million.

The building will have 68 residential units, with the main floor set aside for retail tenants. No commercial tenants have been lined up yet.

Twenty apartments are set aside for residents who make 30 percent to 50 percent of the area’s median income, Elliott said. Those units, like all in the Madison, require a year’s lease. The lower-income lease rate will be $260 a month.

The top floor has eight large units with tall ceilings and double-hung windows. Those will lease at $1,200 a month.

Spokane Partners LLC owns the entire block on First except the Montvale Hotel. Elliott said the group’s plan is to continue making the block a showpiece of commercial and residential use, with the Madison being “the flagship of the project.” It plans to renovate the Music City building, upgrade the Odd Fellows and CenterStage buildings and design the makeover of the Otis Hotel, on the other side of Madison Street.

The partners would like to convert the Otis into about 70 apartments, he added.

A significant chunk of the budget paid to replace the Madison’s 300 windows; the Pella company got the order.

Handling the commercial leasing is Kiemle & Hagood. Handling residential leasing is Monroe Madison Management.

The Edge gains tenants

RenCorp’s The Edge dual-use building, 103 E. Sprague Ave. east of downtown Spokane, has half its commercial tenants up and running.

Commodity export firm Maviga is operating in the main floor’s smaller unit, taking about 1,300 square feet, said RenCorp principal Chris Batten.

The second commercial tenant, Boyd Brown & Co. insurance, is finishing improvements in its 3,000-square-foot, main floor office.

About half of The Edge’s 19 residential units have been sold, Batten said.

Upscale hotel plans grand opening

The new Wingate by Wyndham hotel near the Spokane International Airport opened March 3 and will host a grand opening celebration in April.

Located at 2726 S. Flint Road, the upscale hotel is the first built on airport property since 1970. It’s near the Airport Ramada Inn.

The three-story, 51,000-square-foot hotel has 83 guest rooms, including 13 suites, catering to business and leisure travelers. Amenities include high-speed Internet, an exercise room and a heated outdoor pool. The rooms have LCD flat-screen televisions, refrigerators, microwaves and safes.

The developer is Flight Deck, LLC, and the owner is Rich Cane of El Paso, Texas, who has four other hotels.

The development previously was reported to cost about $7 million. The Spokane Airport Board approved a 30-year lease for the 4.8-acre site to Cane and his partners.

Wingate by Wyndham’s grand opening celebration includes a reception for local officials, community leaders, investors and future guests. It’s scheduled for 4:30 to 7:30 p.m. April 3.

Call (509) 838-3226.

‘Latest in women’s care’

A new women’s clinic will open Tuesday on Spokane’s South Hill.

Women First, Advanced Gynecological Care is in a new building at 1919 S. Grand Blvd., across from Manito Park. The 2,000-square-foot clinic includes three exam rooms and a procedure room.

“I wanted to develop a facility with a relaxing atmosphere featuring state-of-the-art equipment and the very latest in women’s care,” Dr. Cristian Andronic said in a press release.

Andronic is board certified in obstetrics and gynecology.Call (509) 536-1836.

Here’s the Dirt is a weekly report on new developments and business openings, closings or movement in the Inland Northwest. E-mail business@spokesman.com or call (509) 459-5528.


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